Lawrence Graham has posted a 7% fall in revenue for the 2012-13 financial year, while profits per equity partner (PEP) dropped 14%.

The firm recorded revenues of £51.8m, down from £56m in 2011-12 while PEP fell from £303,000 to £260,000. Net profit has fallen from £14.2m last year to £13.7m.

Average partner numbers stayed roughly the same year-on-year at 70, as did the average equity partner figure, which stands at 28.

In terms of revenue breakdown, 35% was real estate, 28% corporate, 18% disputes, 12% private capital and 7% finance.

Hugh Maule, managing partner (pictured), said: "The headline figures for 2012/13 reflect what was another challenging year. Our London property costs again weighed heavily on profits but this issue has now been addressed.

"Growing our international business continues to be a strategic priority. We invested in our new Singapore office and our alliance in Brazil and are now seeing the benefits. Our private capital team in particular is winning a considerable amount of new business from across south east Asia. Our new office and the recruitment of partner Zac Lucas from Ogier have opened up many new opportunities. Private capital revenue for the year increased by 8 per cent.

"Our Dubai office has seen revenue increase by 35 per cent against a 40 per cent increase the previous year. Our construction disputes team in particular has done well and we are now firmly established as one of the leading firms advising construction clients across the Middle East. We will be investing still further in Dubai in the current year."

In April Lawrence Graham sub-let 20,000 sq ft of surplus office space in its City offices to Bond Dickinson. The firm attributed the 26% drop in partner profits in 2011-12 to high property costs incurred by excess space in its London base.